BML Islamic announces Maldives' first fully Shari'ah-compliant resort financing

BML Islamic has announced the country’s first fully funded Shari’ah-compliant corporate financing facility to support the development of a luxury resort.

The 118-room, five-star resort is being developed at Kaafu atoll Kasanfaru lagoon by Sentoric Island Pvt Ltd, a joint venture between the Alia Group and the international hospitality brand Atmosphere Hotels and Resorts, which currently operates nine resorts in Maldives.

“This is a significant step forward for Islamic finance in the Maldives,” said Mohamed Shareef, CEO and managing director of Bank of Maldives.

“Not only is this the first resort project financed under BML Islamic, but it is also the country’s first fully funded Shari’ah-compliant resort financing. It clearly reflects the growing demand for Islamic financing instruments in the corporate sector.”

Bank of Maldives said the facility underlines its role in advancing financial innovation while remaining aligned with the principles of ethical and responsible banking.